The Fayetteville Town Center will soon have more rentable space.
The Advertising and Promotion Commission on Monday approved a proposal to convert the existing offices and conference area into two new rentable meeting spaces, while relocating the center’s staff.
The new floor plan will require moving the existing wall that separates the center’s offices and the small conference room (also known as the Director’s Room). Once the office walls are removed, the two open spaces will provide the center with new opportunities for revenue.
“We are missing out on a certain type of business,” said Jordan Garcia, manager of the Town Center. “We’re lacking in space between 15-60 people.”
The Director’s Room seats 15 people, but the next largest option is best suited for events with about 100 attendees.
Garcia said the center has lost several bids this year for events and meetings that would host more than 15 people, but require a more intimate space than the 1,440-square-foot Mockingbird Room across the hall. He said some larger events require a main conference area and four individual “break out” rooms, which is something the current facility can’t accommodate. Finally, by simply having more space, Garcia said utilizing the two smaller rooms would leave the larger areas free for rental which could add even more revenue.
The estimated cost of the project is $91,675 and also includes adding exterior entrances on the east side of the building to allow events to utilize the terraces overlooking east and south Fayetteville.
Garcia said based on the center’s inquiries and turn-down reports, the commission would likely see a return on the investment in about three years.
“I’ve been through several renovation projects in different hotels and other properties, and three years ROI is pretty amazing,” said Garcia. “In my opinion, this project would give us a lot of bang for our buck.”
That estimate includes moving the center’s offices next door to 1 W. Mountain St. The commission approved a five-year lease for $2,000 per month with a 2 percent annual increase beginning after the first year. The building, which includes a mural painted by artist Jason Jones on the west wall, is currently for sale, but Garcia said any new owner would honor the lease.
Town Center floorplan